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3. The profit margin rate required from financing. 4. The collection mode of receivables or the duration of receivables both the
acquiring cost and profit margin A receivable collection date is excluded in the calculation of a daily profit
margin.
D. Nominating an agent or representatives Wakalah
In context of banking, wakalah arises when a client authorises the bank to represent him or her in carrying out a certain job, such LC book-balancing, bill
collection, or money transfer. Both the bank and the client subjected under the authorisation contract
must be legally capable. Especially for the opening of an LC, if the client‟s funds are inadequate, the LC settlement can be done through murabaha.
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Usually in a murabaha scheme, the client would request financing for a certain commodity, the bank would then purchase the commodity and re-sell it to
the customer at an agreed profit margin whereby the customer would settle the payment in instalments.
For example, the client wishes to purchase a house, the bank would nominated the client as an agent wakalah agreement to purchase the house on
behalf of the bank from the third party supplier. Once the bank is informed of the purchase, the bank draws up a murabaha contract whereby the bank re-sells
the house to the client at an agreed profit margin.
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Karim, Adiwarman, Islamic Banking Fiqh, p. 107
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MUI Fatwa No.04DSN-MUIIV2000 April 1, 2000
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26 Dzulhijah H 1420 have established that if the Bank nominates the customer as an agent to buy
goods from a third party, then the sale and purchase agreement murabahah should be done after the goods are owned by the Bank. In other words, granting
authority Wakalah from the Bank to the Customer or any third party, must be done before the contract of sale and Murabahah happens.
Bank Indonesia BI seems pretty explicit in this regard. Bank Indonesia Regulation PBI No.746PBI2005 dated 14 November 2005
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on the standardization of contract, the central bank reiterates the use of Wakalah in the in
article 9, paragraph 1, point d in the case of the Customer representing the bank Wakalah for buying of goods, then Murabahah should in principle be done after
the goods become the property of the Bank. Then asserted, which is in principle the Banks Articles of Agreement in Wakalah Murabaha is the flow of funds
directed to suppliers of goods or evidenced by receipt of purchase.
E. The Tax System applied on Murabaha
